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Metropolitan Life Insurance Company provided the fixed-rate loan to Global Retail Investors, LLC
HOUSTON, May 15, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has secured $23 million in acquisition financing for Woodlands Crossing, a recently constructed, 125,186-square-foot shopping center located in The Woodlands in Houston, Texas. The fully leased asset is part of a 93 property, 11.9 million-square-foot retail portfolio owned and operated by Global Retail Investors, LLC (“GRI”). GRI is managed by First Washington Realty, Inc., a Bethesda, Maryland-based real estate investment advisory and management company. Metropolitan Life Insurance Company provided the fixed-rate loan for this property.
Executive Vice Presidents Mike Yavinsky, Jimmy Board and Jon Goldstein, along with Managing Director Wesley Boatwright, led the JLL team on this transaction. JLL’s Managing Director George Cushing and Vice President Wendy Vandeventer handled the sale of this property in February.
Jim Blumenthal, First Washington’s Executive Vice President and Chief Financial Officer, stated, “Jones Lang LaSalle’s best-in-class approach, thorough diligence and utilization of its national platform secured 10-year, interest-only financing at a very attractive rate for the acquisition of this asset.”
Woodlands Crossing is situated at the southeast corner of Woodlands Parkway and Kuykendahl Road in Montgomery County, Texas. With Trader Joe’s as an anchor, this shopping center is ideally located within The Woodlands, a nationally acclaimed, master-planned community. The Woodlands is home to 1,700 national and international firms and neighbor to the 385 acre Exxon corporate campus under development and scheduled for occupancy in 2014. Just minutes from Houston’s Central Business District, the property represented a rare opportunity to finance a 100% leased, grocery-anchored retail center in one of Houston’s most desirable retail, residential and employment submarkets. About First Washington Realty, Inc.
First Washington Realty, Inc. is a privately owned real estate investment, advisory and management company which specializes in the acquisition, ownership, financing and management of neighborhood and community shopping centers located in densely populated areas throughout the United States. The Company endeavors to make sound, long-term investments in well-located, intrinsically valuable, income-producing real estate. For further information, please visit http://firstwash.com/.
About Jones Lang LaSalle Capital MarketsJones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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